Special economic zones are a new craze in Middle East
Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business...
Business
DWTC welcomes 2.47m visitors in 2023, says EVP
DUBAI, UAE – Executive Vice President, Dubai World Trade Center (DWTC) Mahir Julfar said that the DWTC's performance in 2023...
Business
Economy
Dubai ranks second globally in attracting FDI in creative economy
Dubai ranked first in the Middle East and North Africa (MENA) region and second in the world in attracting foreign...
- Surpassing other major cities such as New York, Singapore and Berlin, Dubai improved its rankings from fifth in 2020.
- In terms of the number of new jobs in the creative economy, Dubai held on to its top rank regionally and fourth globally with 6,204 new jobs created from FDI.
Business
Fujairah Cement off Boursa Kuwait
The company has obtained approval of Capital Market Authority-Kuwait to do so.
- Fujairah Cement has obtained approval of Capital Market Authority-Kuwait for voluntary withdrawal from the Boursa Kuwait
- November 30, 2022, will be the last day for trading the Company's shares in Boursa Kuwait, says Fujairah Cement
Business
Dubai Government-Dubai Customs meet discusses best practices
A Dubai Government delegation that visited Dubai Customs was briefed about the department’s experience in budgeting, internal control, and best...
- Through these visits, Dubai Customs supports its strategic relationships with its partners and builds effective, value-added relationships.
- The two sides discussed government innovation and its role in supporting Dubai Customs’ vision and strategic plans.
Business
Qatar First Bank exits its first real estate investment in Baltimore
Qatar First Bank (QFB) has announced the successful exit of Jefferson Square, its first syndicated real estate investment located in...
- QFB acquired Jefferson Square, a class A multifamily residential building, in June 2017 as part of its Sharia compliant real estate investment program.
- Jefferson Square marks the second US real estate exit for QFB following the successful exit of Kennedy Flats, Connecticut in October 2021.
Business
Turkey grapples with fires from plastic recycling plants
Although Turkey has become the leading importer of European plastic waste after China banned imports in 2018 but according to...
- In Kartepe, an industrial town in the country's northwest, one of these sites was closed by the authorities in December after the outbreak of three fires in less than a month
- There was a fire every three days in Turkey's plastic reprocessing plants on average last year
Business
East Pipes’ revenues dip 36% to SAR597m
Saudi Arabia’s East Pipes reported a net loss of SAR3m during FY2022.
- Total sales volumes decreased 26 percent for pipes sales and 23 percent for coating sales
- Gross profit decreased 85 percent to SAR 35 million due to the shrinking production volumes
Arts & Culture
Making art in Jordan out of trash
Jordan-based artist Maria Nissan is on a mission: to rid the world of single-use plastics and to raise public awareness...
- Nissan, US citizen of Iraqi origin, urges people to avoid buying plastic products and to go shopping with reusable bags
- Jordanians use three billion plastic bags every year, of which only seven percent is recycled, according to the UN Development Program
Business
GCC equities stay steady this week
It was a week of mixed fortunes for various stock exchanges of the GCC, with TASI remaining flat through the...
- Many analysts predict investors will start buying discounted stocks
- Abu Dhabi's index closed higher on Friday, while Dubai's was unchanged
Business
Ending gender disparity key to regional prosperity
Even as SMEs in GCC seek to do more to end gender disparity , UAE proactively leads the region in...
- Even as SMEs in GCC seek to do more to end gender disparity , UAE proactively leads the region in pursuing the diversity agenda, says Marketa Simkova, Partner at KPMG Lower Gulf
- The share of women in the Saudi job market has reached 31 percent. In addition, the country has taken steps to ensure equal access for women to education and training, she adds
Business
Iraq allocates $2bn for Baghdad Metro project
Two billion dollars are allocated in the budget for Baghdad Metro project, Iraq’s Minister of Transport Nasser Hussein Al-Shibli said...
- Prime Minister, Mustafa Al-Kadhimi, said that the phenomenon of traffic jams is unacceptable
- Al-Kadhimi stressed the need to work for activating traffic lights in the streets of Baghdad
Special economic zones are a new craze in Middle East
Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business...
Business
Company News
Siemens Energy posts Q3 loss
Business
Latest News
KSA builds on MENA construction with $44bn contracts
Despite global economic challenges, the region showcased resilience in the first half of 2023, backed by a robust performance in...
Business
US tightens curbs on exports of advanced AI chips to China
Washington, United States - The United States on Tuesday said it was tightening curbs on exports of state-of-the-art AI chips to...
Business
Asian stocks drop as Israel-Hamas conflict threatens to expand
Markets had enjoyed a healthy run Tuesday on optimism that while Israeli Prime Minister Benjamin Netanyahu was preparing for a...
Business
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Business
Dubai’s tech ambitions take center stage at GITEX Global
Dubai, UAE - Global tech giants such as Google, Microsoft, Zoom and Huawei are among more than 6,000 businesses displaying...
- Global tech giants such as Google, Microsoft, Zoom and Huawei are among more than 6,000 businesses displaying their latest advancements at the event.
- The 2023 edition has attracted 180,000 technology specialists from 180 countries, a 40 percent increase from previous years.
Business
Presight AI, TOTM form joint venture
The JV will develop and deploy their combined proprietary technologies.
- The joint venture agreement will establish an entity that will leverage Presight’s Big Data AI and Data Analytics capabilities.
- This will allow governments and enterprises to transform mission-critical infrastructure with intelligent new solutions that are data-driven.
Tech giants Foxconn, Nvidia announce they are building ‘AI factories’
The world's largest contract electronics maker, Foxconn -- officially known as Hon Hai Technology Group -- already plays a lynchpin...
- The "AI factories" would include "digitalization of manufacturing and inspection workflows, development of AI-powered electric vehicle and robotics platform
- If successful, Foxconn's customers could use these systems to deliver generative AI services and use simulation to train autonomous machines